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首页> 外文期刊>Journal of banking & finance >Academic abilities, education and performance in the stock market
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Academic abilities, education and performance in the stock market

机译：股票市场的学术能力，教育和表现

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The paper assesses how cognitive abilities and education affect the performance of individual investors in the stock market. We use an exhaustive NASDAQ Tallinn dataset covering two bull markets and one bear market. We show that stronger mathematical and overall academic abilities are associated with more profitable investments and relative outperformance, after trading style, income, experience and a variety of educational characteristics are controlled for. However, the effects are not always linear or monotonic. A similar positive effect on performance is produced by higher education or specialisation in certain subjects. None of these factors is able to explain the performance of investors during bear markets, and none is a substitute for experience. Investors with strong academic abilities tend to have moderate trading frequency and performance seems to be affected more by the ability to find good trades than by the use of any particular trading strategies. (C) 2020 Elsevier B.V. All rights reserved.
机译：本文评估了认知能力和教育如何影响股票市场的个人投资者的表现。我们使用覆盖两辆牛市和一个熊市的详尽纳斯达克塔林数据集。我们表明，在交易风格，收入，经验和各种教育特性，较强的数学和整体学术能力与更有利可图的投资和相对优惠，受到控制。然而，效果并不总是线性的或单调。对某些科目的高等教育或专业产生了类似的对性能的积极影响。这些因素都不能够解释熊市期间投资者的表现，而且没有是经验的替代品。具有强大的学术能力的投资者往往具有中等交易频率，并且表现似乎更受到良好交易的能力，而不是使用任何特定的交易策略。 （c）2020 Elsevier B.v.保留所有权利。

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